Bust billionaire Sean Quinn and his family have been accused of buying up $400 million worth of gold and hiding it from the banks.

Ireland’s High Court has heard claims by the Irish Bank Resolution Corporation that the Quinn family may have hidden as much as $700million worth of assets.

The court heard that unidentified ‘informants’ told the bank of the alleged dealings.

The former Anglo Irish bank has also told the court that the two informants will receive a fee of three per cent of any money they lead them to.

IBRC has applied to foreign courts seeking information about email addresses from Yahoo and other internet companies.

The Irish Times reports that applications were made this year by the State-owned bank on the back of information given to it by two informants.

The paper says gagging orders were in place over court cases in London and Delaware up to midnight on Thursday.

On Friday, IBRC informed Justice Peter Kelly in the High Court of the foreign actions and the deal with the informants. The bank said it would now notify the Quinns.

The Quinn family members declined to comment when contacted by the Irish Times.

The report says the bank has already received details of substantial email traffic between addresses given by the informants and parties the bank believes are involved in a conspiracy to hide Quinn assets.

It expects to receive new information from Yahoo in the coming days via the court in Delaware, including the content of this email traffic sent between June 2012 and February this year.

The Irish Times adds that in June 2011, Irish courts ordered the Quinns to desist from efforts to put a foreign property portfolio beyond the reach of the bank.

The informants claim that a named individual in Investec Bank in London was instructed to buy $400 million in gold for the Quinns and that the transaction occurred in Dubai or Fuji.

They say the same individual transferred $260 million from Dubai to the Virgin Islands.

The informants have claimed that a man called Qasim Mukhtar or Mukhtar Ahmed acted as a ‘travelling fixer’ for the Quinns.

They have also named a Cavan man as the Quinns’secret cash dispenser to oil the wheels of the conspiracy to hide assets’.

However information from Investec has shown no trace of the alleged transactions.

Bust billionaire Sean Quinn and his family have been accused of buying up $400 million worth of gold and hiding it from the banks.

Ireland’s High Court has heard claims by the Irish Bank Resolution Corporation that the Quinn family may have hidden as much as $700 million worth of assets.

The court heard that unidentified ‘informants’ told the bank of the alleged dealings.

The former Anglo Irish bank has also told the court that the two informants will receive a fee of three per cent of any money they lead them to.

IBRC has applied to foreign courts seeking information about email addresses from Yahoo and other internet companies.

The Irish Times reports that applications were made this year by the State-owned bank on the back of information given to it by two informants.

The paper says gagging orders were in place over court cases in London and Delaware up to midnight on Thursday.

On Friday, IBRC informed Justice Peter Kelly in the High Court of the foreign actions and the deal with the informants.

The bank said it would now notify the Quinns.

The Quinn family members declined to comment when contacted by the Irish Times.

The report says the bank has already received details of substantial email traffic between addresses given by the informants and parties the bank believes are involved in a conspiracy to hide Quinn assets.

It expects to receive new information from Yahoo in the coming days via the court in Delaware, including the content of this email traffic sent between June 2012 and February this year.

The Irish Times adds that in June 2011, Irish courts ordered the Quinns to desist from efforts to put a foreign property portfolio beyond the reach of the bank.

The informants claim that a named individual in Investec Bank in London was instructed to buy $400 million in gold for the Quinns and that the transaction occurred in Dubai or Fuji.

They say the same individual transferred $260 million from Dubai to the Virgin Islands.

The informants have claimed that a man called Qasim Mukhtar or Mukhtar Ahmed acted as a ‘travelling fixer’ for the Quinns.

They have also named a Cavan man as the Quinns’secret cash dispenser to oil the wheels of the conspiracy to hide assets’.

However information from Investec has shown no trace of the alleged transactions.